Breaking News Today – Monday 5 May 2025

Business & Tech News

Gold Fields Finalises Gold Road Buyout:

After a boardroom spat between the two companies in March with a buyout offer that was rejected,  South Africa’s Gold Fields is now set to acquire Gold Road Resources, in a new deal valuing the Australian miner’s equity at A$3.7 billion ($2.39 billion).  Gold Road announced the closing of the deal with record-high gold bullion prices, which are driving several acquisitions in the industry.

Gold Road’s shares jumped by 12% on the offer announcement, which was priced at a 14.5% premium to the company’s Friday closing price. The buyout will enable a consolidation of Gold Fields’ ownership over the low-cost, long-life Gruyere gold mine in Western Australia, which it currently operates under a joint venture with Gold Road. Under the terms announced on Monday, Gold Road shareholders will receive a fixed cash offer per share of A$2.52 and a variable cash component equal to the full value of each shareholder’s stake in Northern Star Resources.

Temu Pivots to Local in the USA:

Chinese retailer Temu has shifted strategy in the face of U.S. tariffs, and will no longer be shipping products directly to customers in the US. With Donald Trump has ending the de minimis rule, which allowed goods worth $800 or less to enter the country without tariffs. He’s also increased tariffs on Chinese goods by more than 100%, forcing both Chinese companies like Shein and American giants like Amazon to pivot their business models.

However, Temu has stopped shipping goods from China to the United States, and only displays listings for products available in U.S. warehouses, while goods shipped from China are listed as out of stock. “Temu’s pricing for U.S. consumers remains unchanged as the platform transitions to a local fulfillment model,” a Temu spokesperson said in a statement. “All sales in the U.S. are now handled by locally based sellers, with orders fulfilled from within the country.” The spokesperson said that the company was “actively recruiting U.S. sellers to join the platform” and that its most recent move is “designed to help local merchants reach more customers and grow their businesses.”

Starlink Activated in Congo:

SpaceX CEO Elon Musk announced yesterday that the company’s satellite system Starlink, is now available in Congo. There had been a ban previously by the Democratic Republic of Congo’s government, however, a post on X  said Friday that it had become the latest African country to grant a license to Starlink, reversing an earlier ban. The Congolese government said in March 2024 that the use of Starlink was banned, with military officials warning that it could be used by rebel groups, including the Rwandan-backed M23 rebel group, which has seized a large section of territory, including major cities in the Eastern Congo regions adjoining Rwanda.

Business, Tech & Market News Shorts:

• Rockstar Games, the creators of Grand Theft Auto, have announced the delay of the launch of Grand Theft Auto VI until May 26, 2026. It apologized for the delay of the new version of the globally popular video game, which has been on the cards for some years. The company did not provide any reasons for the delays or why the release date has moved.
• Global Oil prices dropped by more than $2 a barrel in early Asian trade this morning, as OPEC+ is set to further increase its oil output, raising concerns about oversupply in the market. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel
• Donald Trump has said he would likely extend the June 19 deadline for China-based ByteDance to divest the U.S. assets of TikTok, which is used by around 170 million Americans. Should no deal have been reached by then, Trump said he may extend it, saying “I would … I’d like to see it done,” he stated on an NBC News interview.
• StarBase Becomes a real City with Elon Musk’s SpaceX getting its own official company town. Residents of an area around SpaceX’s Starbase launch site in southern Texas voted overwhelmingly on Saturday to incorporate as a city, to be named Starbase. According to results posted online by the Cameron County Elections Department, there were 212 votes in favor and only six against.

Markets by Numbers

Currencies:

Currency markets indicate the US Dollar has softened slightly and is currently trading against the Euro at 1.13343, and trading slightly lower against the Pound, at 1.32945. The Yen is currently trading weaker at 144.12 to the dollar. The rand has strengthened further against the US dollar, and is trading at R18.37.

Commodities:

• Gold futures prices have gained further upward momentum, and are currently moving upwards and trading at $3260 per ounce.
• Copper prices are trending upwards and are currently at 4.6537.
• Silver futures prices also traded upwards this morning and are up by almost 1% and currently trading at 32.289
• Platinum futures are slightly up today, after a drop on Friday and trading  at $960.40 currently, while Palladium prices are trending upwards and at $954 currently.
• Brent crude oil prices, have fallen by almost 3% to below $60 per barrel, and are currently trading at $59.50, with WTI trading at $56.45.
• Cocoa futures have jumped by 1,8% this morning, and are at $8930 per ton.
• Coffee futures prices are trending lower and are at $390 currently.

Crypto Currencies:

• Bitcoin prices are trending upwards today and are currently trading at $94666
• Ether prices are trading higher today and at $1815 currently.
• $Trumpcoin has gained over 1,4% today and is currently trading at $13.04

(All prices quoted at approximately 08H00 – Central African Time)

Other Breaking News in Africa Today

Ugandan Judge Guilty of Slavery:

Lydia Mugambe, a United Nations judge and High Court judge in Uganda, has been jailed for six years and four months for the crime of slavery. Mugambe, who had been studying for a Doctorate in law at the University of Oxford, was discovered to have kept a young Ugandan woman at her home who was forced to carry out unpaid work as a maid and nanny. Mugambe was jailed at Oxford Crown Court after being found guilty of modern-day slavery offences. According to the sentencing Judge, David Foxton, Mugambe “showed absolutely no remorse” for her actions and stated that she had looked to “forcibly blame” the victim for what happened.

New Gabonese President Sworn In:

General Brice Clotaire Oligui Nguema was sworn in as president of Gabon on Saturday after a landslide victory in the April 12 election. Nguema had served as interim president since taking power in a 2023 coup. Nguema, 50, was expected to win the election, being widely seen in the country as the man who brought an end to the Bongo dynasty, which had ruled the country for more than 50 years. The former head of the country’s Republican Guard, toppled President Ali Bongo Ondimba nearly two years ago. Following the coup, soldiers proclaimed Nguema, a cousin of deposed president Ali Bongo Ondimba, as president of a transitional committee to lead the country.